Personal Budget At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job) Purchase season football tickets in September $8,100 110 280 4,400 Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month 390 Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 220 600 1,000 a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job $ 1,000 $ 1,000 $ 1,000 $ 1,000 Deposit Deposit 1.0 v 1.600V Total cash receipts Estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food Deposit 600 1.000 6.000 Total cash payments 1.600 Overall cash increase (decrease) 5,000 Cash balance at beginning of month 8,100 3.100 1.100 Cash balance at end of month 3.100 3,100 3,700 Feedback b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Static C. Malloy can see that her present plan will not provide sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be 700 X short at the end of December, with no time left to adjust